The agreement, which was announced today (22 September) follows months of talks. Kerry said in July that it was in “exclusive talks” to buy the business.
The Irish food maker said the acquisition would strengthen its “capability to provide integrated customer solutions across all food and beverage end-use-markets”. The deal would also “extend” Kerry’s “market spread” in emerging markets, it said.
Cargill makes ingredients for use in beverage, dairy, sweet and savoury products. The US agribusiness giant’s flavours arm has development centres in ten countries and sales offices in 12 other markets.
The transaction is subject to regulatory approval but Kerry said it expected the deal to be finalised by the end of the year.